Social Security Trustees Release 2014 Report

The Social Security Trustees have released their annual report on the current and projected financial status of the Social Security trust funds. Similar to 2013, the 2014 findings show that Social Security is fully solvent until 2033, but faces a moderate long-term shortfall. In 2013, Social Security took in roughly $32 billion more than it paid out. Its reserves were $2.76 trillion in 2013, and are projected to grow to $2.9 trillion at the beginning of 2020. If Congress does not act before 2033, the reserves would be drawn down, and revenue coming into the Trust Funds would cover about 77 percent of scheduled benefits. The 2014 Trustees Report also continues to project that the Disability Insurance (DI) trust fund by itself can pay all scheduled benefits until 2016. If Congress takes no action before 2016, the Trustees project that the DI trust fund will be able to pay about 81 percent of scheduled benefits.